Irish mining company looks at stock market listing, European expansion

IRISH mining company, Belmore Resources — which co-owns a 350sq km zinc, lead and silver prospect in Co Clare — is sizing up expansion opportunities in mainland Europe and could consider a stock market listing in Dublin in the longer term.

The Dublin-headquartered company has a joint venture agreement with Swedish mining company, Lundin Mining, on its Clare asset — the deal meaning that upon its full agreed investment of €14.7m, by 2016, Lundin will acquire a 70% share of the licences. Part of that investment has already been made; marking the Swedish company’s return to the Irish market, after it closed the Galmoy zinc mine in Co Kilkenny last year.

Belmore’s management — the company is headed up by former Bula Resources man, Pat Mahony and chairman Ian Forrest — recently entered into negotiations concerning a joint venture prospect in central Europe; a process which is currently on hold pending the outcome of a dispute between the two authorities involved in the award of the relevant permits.